Cory Bernardi SA, Australian Conservatives
4:03 pm
I move:
That the Senate—
(a) notes that the Trump Administration has succeeded in passing, through both Houses of the Congress of the United States of America (US), over USD$1 trillion in company tax cuts over 10 years, including a cut in the corporate tax rate from 35% to potentially 20%;
(b) expresses concern that these US company tax cuts will affect Australian companies' global competitiveness;
(c) also notes the Australian Department of Treasury research, published earlier this month, revealing that if Australia's corporate tax rate was cut from 30% to 25% by 2026, there would be $30 billion in additional company tax revenue due to stronger economic growth, and increased GST revenue from additional consumer spending;
(d) further notes the recent comments of the Business Council of Australia and the Australian Chamber of Commerce and Industry supporting Australian company tax cuts; and
(e) supports tax relief for Australian companies to ensure our companies remain globally competitive.
James McGrath Queensland, Liberal National Party, Assistant Minister to the Prime Minister
4:04 pm
I seek leave to make a short statement.
James McGrath Queensland, Liberal National Party, Assistant Minister to the Prime Minister
Lower taxes are good for you.
Sue Lines Deputy-President
The question is that the motion moved by Senator Bernardi be agreed to.